The Importance of Marketing Research
What is marketing? For those of you who have never had any experience with marketing, it simply refers to the process by which an organization undertakes to engaged its target audience and create relevant value to obtain new customers, while competing with its competitors in the same market. Marketing is considered as the most powerful force shaping the destiny of any organisation. As such, organizations are required to implement marketing strategies to reap maximum benefits from this strategic move.
There are many issues that hamper the efficiency of marketing activities. One of the biggest issues is marketing myopia, which refers to focusing only on a few selected aspects of a product concept. It is believed that if one adopts a comprehensive marketing strategy, then it will be possible to provide optimum benefit to its consumers. However, the problem with this approach is that it ignores the importance of the various factors that shape the behavior of consumers. Hence, marketers are required to consider a wide variety of factors before implementing a particular marketing concept or strategy.
Another aspect that forms a significant barrier in the efficient utilization of marketing techniques is societal marketing myopia. Society is a complex entity consisting of diverse elements that interact with each other on a daily basis. Marketers must therefore understand the multiple dimensions of society when formulating their marketing concepts. This understanding will prove to be beneficial in finding a solution for problems such as selling a particular product among a set of individuals who may have completely different buying habits.
Another factor that forms a significant hindrance in the efficient utilization of marketing techniques is coordination marketing myopia. Coordinated marketing simply means that a single concept or technique will not serve all the needs of its customers. In fact, there will be times when a particular marketing concept will work perfectly for a segment of customers but will fail to meet the requirements of the other segments. In such instances, marketers need to consider offering a diversified marketing campaign that will meet the needs of all customers.
A final factor that forms a barrier in utilizing a single concept or strategy for selling is marketing research myopia. Researching and collecting information about consumers is a crucial process when it comes to selling products. Marketers should not simply focus on a single concept when formulating their marketing strategies. Instead, they should gather enough information so that they can formulate a sound concept that will be able to address the needs of various consumers. Moreover, marketers should make an effort to conduct sufficient research on their competitors, as this will help them understand what their competitors are offering and how successful they have been in selling products.
Overall, marketers should utilize the services of a marketing research company when formulating their marketing strategies. Marketing research companies are experts in conducting market research, as well as in providing assistance in deciding the appropriate marketing strategy to use. They are also capable of analyzing a company’s profit margins and their profit and sales performance over a given time frame. They can provide valuable inputs regarding the effectiveness of current marketing activities as well as recommending any changes that need to be made to improve on the efficiency of the company’s selling efforts.